Record Keeping

For my next real estate purchase, I'm investigating partnering with a couple dudes. Their construction experience and my property management experience should make for a solid team. Together, we want to buy distressed multi-family properties, fix them up and rent them out. These partnership discussions naturally brought up questions on the best legal structure we should use for owning these properties. To help figure out what to do, we met with a lawyer, an insurance agent, and an accountant...

It's the first of the month and rent is due. How do you get it? There are many options and it's hard to go wrong. So try a couple different ones that make the most sense to you and see how it goes because you can always change it later.
I broke this into 3 different groups. Face-to-Face is the hardest, but helps set the stage for the other two. Semi-automated is where a lot of landlords start out. It does require some effort, but if you don't have many rentals, it's definitely OK. The thi...